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Nifty slips below 4,950 intra-day
The Nifty closed marginally above the support level of 4,940 on short-covering at lower levels. The trading pattern in the Nifty futures and options suggests the index may fall below the 4,900 mark soon. The 5,000 call option added 2.24 million shares in open interest (OI), mostly through change of hands and sell-side trades, indicating strong resistance above the 5,000 level.

CWG infra, stadia to be ready in time: Gill
Allaying fears of delay in preparation for the Commonwealth Games 2010, Government today assured Rajya Sabha that all state-of-the-art stadia and infrastructure will be completed in time and security steps taken to ensure that the mega event is incident-free.

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No frowns at Facebook
Facebook: Stock markets have wobbled of late, but has Facebook’s value really plunged by 35 per cent in just two months? For those unacquainted with Silicon Valley’s quirky financing that would be one conclusion to draw from the social networking website’s latest stock sale.
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Resistance seen around 5,200

The Nifty has pulled back from a low of 4,942 to above 5,100 with support from positive global cues and short-covering. The index today closed at 5,144. Technically, the V-shaped pullback should have halted at around 5,090, but excessive short-covering saw the index close at the 5,144 level. However, the December futures changed hands at the 5,096 level, indicating there were few takers at higher levels. - As Stock markets rise, short sellers on the wrong foot - Sensex back above 17k - Markets extend gains - Markets open firm - Support at 4,900 likely to melt soon - Markets snap 3-day losing streak, Sensex up 91 points The Nifty December futures closed at a premium to the spot and shed 2.06 million shares in open interest (OI), indicating profit-booking at higher levels. The January futures added 2.07 million shares in OI, mostly through a blend of buy and sell orders. The Bloomberg data show that participants were building long positions in the January futures when the Nifty was trading below the 5,050 level. The creation of short positions was seen above the 5,130 level. This means, the Nifty would find it difficult to close above the 5,182 level going forward. Avinash Gupta, vice-president (research) at Bonanza Portfolio, said the market moved up on the back of short-covering by bears and building up of fresh longs by bulls. The perception that the global economy is recovering faster-than-expected triggered buying. There was a sharp rise in volumes in derivatives as well as cash segments. The number of shares advancing was far more than those declining. The market is likely to see significant resistance around the 5,200 level. It may move in a range of 5,000-5,200. Options traders were seen booking profit at 5,100 and 5,200 strike calls, as they believe the pullback above the 5,100 level may not be sustainable. 5,000 and 5,100 puts of the December series together added 3.3 million shares in OI, which indicate that the Nifty may hover around 5,000-5,100 in the near future.


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